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ASSOCHAM urges CIM to allow bullion imports

Jul '05
The Associated Chambers of Commerce and Industry of India (ASSOCHAM) has sent an SOS to the Commerce and Industry Ministry (CIM), suggesting that bullion imports ought to be allowed through companies of repute which also have a minimum networth of Rs.25 crore.

It may be stated here that the Chamber has mooted the aforesaid suggestion in anticipation that Reserve Bank of India (RBI) will shortly come out with a Circular, containing stipulations for liberal gold and silver imports to appease the industry which has been demanding decanalisation of bullion imports.

The other suggestion of the Chamber comprise that companies having LBMA membership should only be permitted to enter into gold and silver imports and exports to ensure purity and quality of the metal and that this should be clearly stated in the circular, likely to be issued by RBI, before bullion of imports on liberal conditions are permitted.

In a representation submitted to the government, ASSOCHAM President, Mr. Mahendra K. Sanghi reiterated that companies having minimum network of Rs.25 crore in the bullion trade directly or indirectly should only be permitted to import gold and silver.

The Chamber holds that tiny players if permitted to enter into bullion imports might compromise on the precious metal's quality and also temper with the system for tax evasion, said Mr. Sanghi, arguing that the importing companies therefore should enjoy reasonable stand with adequate financial viability.

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